94% of business and enterprise analytics professionals say data and analytics are critical to their organization’s digital transformation programs (MicroStrategy 2020).
Nike sells footwear, clothing, and sports accessories in thousands of stores across the world. In total, there are more than 900 million items sold every single year whereas Adidas is currently the number one brand in the soccer world with over $2.7 billion in football revenue in 2014.
The question that arises here is how they achieved that. It is because they extensively work on data analytics and have a separate department that exclusively works on data & business analytics. They conduct the market research, analyze the data and identify the needs & wants of the customers and latest trends, and fill the market gap (i.e, provide the solution to the problems faced by the customers in the form of a product)
It is very important for you to track the performance and draft a clear picture of your business from time to time. Nowadays due to cutthroat competition, it is very difficult for businesses to survive in the market due to which many businesses wind up at an early stage.
Tracking your business data & analytics can help you in surviving in this competitive world and in making the right decisions at the right time. Data analytics can help you in finding what’s working for your business and what isn’t. Similarly, it also helps in determining which product is generating higher revenue and which one is possessing higher profit margins.
Apart from that, it can even make predictions based on the previous data. In other words, it demonstrates your current position whether you are in profit or loss. All this can be accomplished just with the help of POS data.
Why is there a need for data analysis from POS data?
It is very important for you to have the analytics of your business handy, it has enormous benefits and helps in answering your questions. Analytics is essential for your business due to the following reasons:
- Data analytics helps in identifying the taste and preferences of your customers, it also specifies when, where and what a customer will buy based on the previous data.
- Discovers the winning products and helps in identifying the fast-moving items for your retail business and also disclose the products which are generating higher revenue for your business.
- Data analytics supports your business by enabling you to make better decisions, it clearly shows what is working for your business and what isn’t which simplifies your work. Eventually it helps in accomplishing your business goals.
- It makes predictions about your business on the basis of previous data. It gives an opportunity to the business owners to plan accordingly.
- Data analytics helps you in identifying the latest trends and keeps your business updated.
- It also helps in discovering new & untapped markets and helps millions of entrepreneurs to fulfill their dreams. It supports businesses to capture the latest market share.
How can POS software help in tracking the analytics of your business?
In order to conduct the analytics of your business, you don’t need to have specific analytics software. You can even track & measure the analytics from the POS software which is installed on your store POS device.
It saves you from incurring costs for purchasing the software, POS software is simple and easy to use and benefits your business in the following ways.
- Business insights
Data analytics helps in analyzing the data of your retail business. For instance, if you run a supermarket and want to know which product you sold the most in the previous month, data analytics can help you in finding out that Maggie is the most sold product of your business in the previous month.
It offers clear & summarized data of your business to take appropriate actions.
- Performance analysis
It helps in analyzing the performance of your business from time to time. It exhibits the current performance of each department and also shows which department is generating a higher amount of revenue for your business.
In other words, it shows whether your business is in profit or loss. With this data available in hand it helps you in taking the right decisions.
- Customer Insights
- Data analytics shows the complete journey of your customers.
- It answers your questions like who, when, and where have bought your products.
- presents your customers data in a graphical representation where you can even segment your customers based on age, product, & other factors.
- It also helps in expanding your product line and uncovering more opportunities to upsell & cross-sell relevant products.
- Identifies top-performing products
It enables you to identify the top-performing product of your business, furthermore, it also discloses the top-performing products in terms of sales, revenue, profit margin, etc.
This shows what is working for you and what isn’t so that you can focus more on extending the products that matter for your business and reduce or eliminate the non-performing products.
To put it another way, it displays the fast-moving items of your business.
- Inventory management
It helps in identifying the dead stock which you can move by placing an offer on it. Warehouse management can be processed in an effective manner with data analytics. It defines all types of stock including fast-moving items, deadstock, and other items.
This enables you to keep the necessary items to the nearest warehouse so that you can move them from warehouse to store when needed.
For more information on Inventory Management please read our article on “Inventory Management for retail business”
- Employee performance
When it comes to employee rewards or promotion, it is necessary for you to give first preference to the loyal & hardworking employees. POS data analytics can even help you to identify the employees that are beneficial for your business.
Furthermore, you can track the employee performance, it also reveals the sales made by each employee, in time & out time, employee shifts, and other metrics which helps you to make a better decision on who should be rewarded.
- Sales analytics
Tracking the total sales made by your firm is very important. We can manage it to some extent using pen and paper but if there are a huge number of SKUs then it will be impossible for you to track the actual sales made.
POS software enables you to track the sales of your business on a daily basis, weekly basis, and monthly basis. Even if there are thousands of SKUs still it doesn’t matter.
Apart from that, it shows the profit made or loss bear on each transaction, you can even identify the sales trend for a particular period & can analyze the ups & downs in the trend.
This helps in identifying the occasional products including festivals, seasons, and other events so that you can load the stock in advance. It enables you to find the sales made on each channel.
Why Nukkad Shops POS Software?
Before looking for any POS software for your retail business is it important for you to check for software that is easy to use, user-friendly with robust customer support. Nukkad Shops POS software can help your business in taking it to the next level.
Here are the reasons why you should consider Nukkad Shops POS systems.
The first question you should consider before subscribing to any retail software is to ensure it has a good user-friendly interface.
Nukkad Shops offer a clean and seamless user interface to ensure the best user experience. Our software is simple and easy to use, even a layman can operate it.
It’s very easy to set up the Nukkad Shops POS for your retail store. You can set it up on your own and start running your business operations. You just need to contact our inquiry number 7997095678 and they will assist you through the further steps.
Nukkad shops POS is perhaps the most feature-loaded software in the town at a very market-beating price. The range of features in the software makes it worth every penny spent on it.
Our mission is to deliver quality products at affordable costs.
24*7 customer support
Another reason why customers choose Nukkad shops is our quality customer service. We have a pan India dedicated customer support team which is available 24*7.
Complete onboarding training
We have a dedicated team to help the new customers to learn about the product and how it works. The trainers provide complete onboarding training to you and guide & nurture your staff to better use the product.
Tracking analytics is very important for the overall success of your business. Hence it is mandatory for you to select the right analytics software for your business.
Nukkad Shops POS software not only facilitates billing, & inventory management solutions but also helps in tracking the analytics of your firm.
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